Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions were completed by the company a. The owner invested $18,800 cash in the company b. The company purchased supplies for $1450 cash

image text in transcribed

The following transactions were completed by the company a. The owner invested $18,800 cash in the company b. The company purchased supplies for $1450 cash c. The owner invested $11.900 of equipment in the company d. The company purchased $390 of additional supplies on credit e. The company purchased land for $10.900 cash Required: Enter the impact of each transaction on individual items of the accounting equation (Enter decreases to account balances with a minus sign Assets Transactions Number Cash La Revenue Expenses Equity Owner Withdrawals 5 0 . $ Supplies $ ol $1.450 1.450 Equipment - 3 0 0 + 5 ol 18.800 (1.450) - 17 350 + 5 b Balance after a and b 0 Liabilides Accounts Payable 5 0 . 0. 0 0 + 0. 01 = 0 = 0 + Owner, Capital $ 18.000 0 - 18.800 0 18.800 . 0 0 . + 0 . + . o 0 $ 11.900 11900 O 0 17350 . 0 Balance after d Balance after 0 + 1 450 390) 1.840 17.350 + 11.900 + ol 18.800 0 . ol- 0 + 0 $ 10,9001 - 10.900 . Balance after 17350 1 340 11.900 + 0 18 800 0 Pay 1 of 5 dit Next >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Robert Kemp, Jeffrey Waybright

2nd edition

978-0132771801, 9780132771580, 132771802, 132771586, 978-0133052152

More Books

Students also viewed these Accounting questions